2012-10-27
2012-11-04
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FOXNEWS 13
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CSPAN 2
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English 79

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fugate to do that and signed off on jeb bush to do this, there was this hangover from katrina going back in the bush administration and there's always been a point of emphasis, if you will, on fema by the obama administration. i think frankly it won't have mattered who came into the presidency in the post katrina world there was going to be an emphasis on fema. you weren't going to let that get politicized. yes, it's a political appointee and you're going to have somebody who came with a background to do this stuff. so i think that they realize that it's a high-wire act, this emergency management business. and most of the time if you do a good job it's good politics. if you blow it, it's really bad politics. >> i agree. >> it can be unrecoverable politics. so this is a case where good politics and good public policy and good management all converge. it's good politics to do a good job. you're not playing one side against the other. >> you know, i've always thought that the democrats being the government party because they believe in government more than republicans owe a greater debt, a

's response to a hurricane. he was in two weeks after hurricane katrina. are you confident that fema is prepared given the sheer size of this storm, almost a thousand miles in dimer. >> it is a huge storm and the impact will on the storm is so big, it is impacti sever states from dall the way up to maine at the same time. but i am rae very comfortable. we have a great administrator running the organization. he gets it, he's from florida, a good emergency manager. doesn't run around with his hair on fire. so i'm confident they will do a good job. >> on a conference call today n fact, your successor, mr. fugate said the disaster fund at fema has a billion dollars in t more or less. is that enough for this kind of response that will be necessary? >> probably at the end of the day the expenses will be more than that. but yes, it's enough for now. what the president has de, he psident has done a prelandfa declaration of all of the states up the east coast. so that allows the administrator to move supplies in now, move people in now, rescue teams in, and to get ready, work with those emerg

-team" and the damage from the storm, unprecedented. the total cost exceed that of katrina? liz macdonald joins us for a live report and also to assess what is likely in store for investors on wall street tomorrow as well. much more straight ahead. stay with us. ♪ [ male announcer ] do you have the legal protection you need? at legalzoom, we've created a better place to turn for your legal matters. maybe you want to incorporate a business you'd like to start. or protect your family with a will or living trust. legalzoom makes it easy withtep-by-step help when completing your personalized document -- or you can even access an attorney to guide you along. with an "a" rating from the better business bureau legalzoom helps you get personalized and affordable legal protection. in most states, a legal plan attorney is available with every personalized document to answer any quesons. get started at legalzoom.com today. and now you're protected. ♪ lou: well, what was once hurricane sandy continues to weaken tonight as the system makes it strike across pennsylvania into southern canada, the worst of sa

, unprecedented. the total cost exceed that of katrina? liz macdonald joins us for a live report and also to assess what is likely in store for investors on wall street tomorrow as well. much more straight ahead. stay with us. ♪ ♪ lou: well, what was once hurricane sandy continues to weaken tonight as the system makes it strike across pennsylvania into southern canada, the worst of sandy's winds are over as the -- what is now called the super storm heads, but windy conditions will continue over the great lakes into tomorrow. forecasters saying the higher elevations of northern west virginia could also get as much as 8 inches of additional snow overnight. well, the trail of destruction, as we reported to you at the outset, leaving at least 39 people dead in this country. more than 8 million customers are without power on the east coast and the economic effects will not be known for some time. joining us now to assess the impact that this circuit will have on the economy, we are joined by fox news editor liz macdonald. let's start with just the straightforward. i mean, the markets close

airlines to talk about the impact on the industry and the man who led fema during hurricane katrina will tell us what the federal emergency agency should expect from this storm. or that printing in color had to cost a fortune. nobody said an all-in-one had to be bulky. or that you had to print from your desk. at least, nobody said it to us. introducing the business smart inkjet all-in-one series from brother. easy to use, it's the ultimate combination of speed, small size, and low-cost printing. you have to dig a little. fidelity's etf market tracker shows you the big picture on how different asset classes are performing, and it lets you go in for a closer look at areas within a class or sector that may be bucking a larger trend. i'm stephen hett of fidelity investments. the etf market tracker is one more innovative reason serious investors are choosing fidelity. get 200 free trades today and explore your next investing idea. ♪ ♪ ♪ [ male announcer ] don't just reject convention. drown it out. introducing the all-new 2013 lexus ls f sport. an entirely new pursuit. >> we talked

to start rebuilding. up next we have an expert from katrina. >> another look at the damage and devastation after sandy. >> it is now quarter past the hour. it is now just a pile of broken concrete. peter doocy has been down there the past few days. he is in delaware to tell us a little bit about the situation the there>> >> 8.1 million people are still without power. that will be something that continues to be a problem as the days go on. right now it is cold outside. it is 43-44 degrees here in delaware on the boardwalk f. you don't have power you don't have any heat. boardwalk is a little bit sandy different stories of the boardwalk is completely splintered in some cases. folks who are familiar with the boardwalk are not going to remember it or they are not going to recognize it when they go back to visit later on. residents know they are very lucky to have avoided that kind of devastation. >> we were very fortunate. we thank god that the storm went north of us. we never expected new york was going to get anything worse. the city came through much better than anything any of us could hav

process while short term may be an issue for markets over the longer term as seen with katrina where you possibly could see better economic growth after this quarter. >> we'll see about that. that's a really important point. doug, only about one-third of the earnings have beaten expectations, lower than average of the past four quarters. is this an indication of what the markets are headed? we've got one month out of the three months for the fourth quarter in the books. what is your expectation for november and december? >> well i think the economy is slowing. that's clear and you know, when you're doing 1% or 2% gdp growth, it's tough to find 10% earnings growth by cutting expenses but ultimately i think the market's priced for that. we're not trading a market that's 20 times earnings, we're in a market that's 12 times earnings. i think expectations are low. if there was a surprise in october for us and it's something we've been hoping for, if you're at riverfront, you're going to see outperformance overseas so for four years the u.s. has kicked the rest of the world's butt, in other wo

their lives. >> you remember this back with katrina, the same thing happened where a lot of residents in new orleans had seen a lot of hurricanes before. and they heard this is going to be the storm of century, and nothing ever happened to their houses, and they ignored evacuation orders. you can't -- there's only so much preparation you can do. you can never create a risk-free society. you can't prepare for everything. you know, but one of the things that has to happen in these situations for things to work right is for the government has a part to play, but individuals have a part to play, too. you've got to be working together so when people -- some of these people, obviously, their pain is genuine and totally understandable. but some of these people did, you know, were told to leave and didn't leave. and you understand why they didn't. it makes sense in human terms, but, you know, there is a responsibility that you have for yourself in addition to what the government obviously has for you. and again, if both sides are woaren't working together, that's when things fall apart. >> the perso

to katrina, that very first night when people thought the storm had passed, what we thought the conditions were, when daylight came the next morning and we found out it was vastly different and much worse. we're hoping that we don't have that situation here in new york. we don't have levees in new york, but when daylight comes, we may be open for a rude awakening. as for thathat's dangling over the city, make no mistake about it. that is extremely serious. when you have a piece of metal like that hanging, think of a hanger and something called reverse bending fatigue. you keep bending it enough, and the wind bends it and bends it, just like with a hanger, back and forth, back and forth, it will eventually break. let's hope that is not going to happen here. that's a very dangerous situation, a very large crane. now to go to the very latest on sandy's path. meteorologist rick reichmuth in the fox extreme weather center. rick? >> i walked by that crane this morning on my way to work and i saw it. i thought how is that crane still up there when you've got winds at that height gusting to 90 to

should have said with katrina. they have used the ploy and bush. hey i was told not to come in there that they didn't need the gridlock. this proves it. if you think. >> bill: let me set it up, that bloomberg told president obama and dennis miller not to come to new york. miller defied him but the president did not because the president is doing lump lomb lombado. >> in a heavily populated metropolitan area. they both start with new, new orleans or new york. the one mayor was hiding out in the penthouse trying to stay soft. >> bill: you couldn't freeze traffic zones because traffic isn't moving. >> i was 10 blocks away, billy. i gave up after 40 minutes and just walked over. >> bill: you can't go anywhere because the subways are out. >> just remember that folks when they tell you they were heartless and bush was heartless. they don't want the president in major area. good for bloomberg for saying it. >> bill: do you think that the hurricane is going to have any influence on the presidential vote next week? >> no. but i would watch west virginia. you know, they often say the

than irene's 15.8 billion, last year. but far below katrina's 108-billion dollars and 18-hundred deaths and missing in 2005. unless there is damage to infrastructure, economists say ports and rail yards will make up for lost business quickly. some stock trades, perhaps not--because a light week was expected pending the outcome of the presidential race, a week from now. among insurers, allstate, travelers and chubb corp have the largest market share in sandy's path. corelogic, estimates it includes 284,000 homes worth $88-billion dollars. economists are mixed on whether the storm's impact will affect fourth- quarter g-d-p. mark vitner, senior economist with wells fargo securities says it depends how much is shut down and for how long. mark zandi at moody's analytics says the storm may cause spikes in economic activity--repairing and rebuilding. depsite the storm-- the government is expected to report unemployment numbers for october this friday. phone companies along the east coast are preparing for the likelihood of overtaxed communication infrastructure during hurricane sandy. at&t is

from the corps of engineers a special team that pumps and they worked in katrina. they are onsite. we are showing them the situation and they are assessing it. we want to pump out the water to see what is going on in the tunnels and that will help us get the power back. >>reporter: the most difficult question, timetable, your best projection when new york city will return to the new york city we all remember. >>guest: is the new york city you remember. it is the new york city you remember today. because it is made up of new yorkers. >>reporter: with working subways. >>guest: well, the new york subway system...the buses have started running this evening limited and will run full service tomorrow. subways will come back in the in few days but the subways don't make new york, new york. >>reporter: i should add, some good news we are told that when the buses are up and running today and tomorrow, they are going to be free. >>shepard: a lot of questions about the power grid in lower manhattan and whether they can supply power to the stock exchange. he clearly cannot hear me. another point

might know ahead of hurricane katrina he was the only one sounding dramatic alarms as to the levees getting potential breached in new orleans and history has not been kind to you michael but --. >>guest: you have been very kind and i appreciate it. >>neil: i mentioned governor christie, in new jersey, the governor has enormous sway even moving halloween. there is talk now that governor chris christie, a father, wants to push back halloween to celebrate trick or treaters going out on saturday november 3rd instead of tomorrow, october 31st, formally halloween, and, i guess, if the governor says that is what it is going to be, that is what it is going to be so if you are trick or treating in the garden state, saturday is the day. and now, charles gasparino will have more, i love charlie to death, he is one of the best reporters on the planet before none but here is where he bugs we are are stormed about the stock exchange being shut down. >>guest: i don't want them to set up their trading desks at high tide. it is 11 years since 9/11, where is the contingency plan? this is a global sto

associated with the storm. point of reference, hurricane katrina, around $80 billion of damage alone with another $80 billion in economic damage in the aftermath of katrina. so 20 right now for damage in new york, plus another 20, 25 economic activity. i think those numbers will go substantially higher when they really find out. >> steve: plus there are so many houses they haven't been able to get to. the barrier islands south on the jersey shore, people haven't been able to get there because they were essentially washed out. >> gretchen: the interesting thing about politics relating to the storms is what is the right move for politicians, especially when we're six days away from a monumental presidential election? remember the scathing interpretation that president bush got with regard to hurricane katrina. so what is the right response? the president has to come and has to survey the situation, so what should mitt romney do? he's our -- can you imagine the discussions going on inside these camps about what is the right tone? what looks correct? >> eric: i hate to do this, but i rem

how much money geico has made since the katrina year, how much buffett has made? a fortune. what was that, 2005? >> yeah. >> but i do wonder if you did have trading this morning, what somebody look travelers or berkshire would be trading at. >> but weaved had less hurricanes since 2005 than you would think. >> refinery, do you know anything about the plants around here? >> i don't know the specific plans, but i know that's certainly a risk. about 7% of the nation's refining is done here in new jersey and dwell wear. and they're right in the path. absolutely right in the path. so i would expect to see those guys shut in if they haven't already. which will impact obviously gas prices. >> there was speculation how you could see oil prices drop because no one will be taking supply. >> that's true. absolutely. >> paul, thank you very much. you'll be in-house with us. >> i'm weathering the storm here. >> andrew, i'm not kidding, last week, a sociologist writing for the huffington "post" said if this doesn't get us to completely try to get off all fossil fuels as quickly as we possibly

's katrina. just devastating impacts here. this historic surge, 13 feet, all that water coming on in and the high wind gusts. worst-case scenario did pan out here unfortunately. >> all right. mark mann cue sew from accuweather. the airlines trying to get back to normalcy and what the red cau cross is doing to help out. >> plus more incredible rescues that didn't have to happen. we'll be right back. en. we'll be right back. >> announcer: "america this morning" brought to you by 5 hour energy. 5-hour energy supports the avon foundation for women breast cancer crusade. so i can get the energized feeling i need and support a great cause? i'm sold. pink lemonade 5-hour energy? yeah and a portion of every sale goes to the avon foundation for women breast cancer crusade. i'm sold. new pink lemonade 5-hour energy. get the alert, energized feeling you need and support breast cancer research and access to care. but what about your wrinkles? neutrogena® rapid wrinkle repair visibly reduces fine lines and wrinkles in just one week. why wait if you don't have to. neutrogena®. [ male annou

york city's katrina. just devastating impacts here. this historic surge, 13 feet. all of that water coming on and those high wind gusts. worst-case scenario did pan out here, unfortunately. >> all right. mark mancuso, from accuweather. thanks for joining us this morning, mark. >>> straight ahead, more of our continuing coverage of sandy. the airlines trying to get back to normalcy. and what the red cross is doing to help out. >>> plus, more incredible video from across the storm zone, including rescues that didn't have to happen. we'll be right back. new pink lemonade 5-hour energy? 5-hour energy supports the avon foundation for women breast cancer crusade. >>> welcome back, everyone. 5 million people take the new york city subways every day. and this morning, the entire system is shut down. seven subway tunnels under the east river are flooded. and the electricity that powers -- runs the system, is turned off to contain the salt water damage. getting the trains up and running again will be a massive undertaking. >> it could be anywhere between 14 hours to 4 days, just to pump the w

and the current pushed it the entire way. >> so many of these scenes reminiscent of katrina. what weird images coming from the storm. absolutely unbelievable. >>> when we come back this morning, the stock exchanges will be up and running today. that's a bit of good news. but what about tens of thousands of new york city marathon runners? the race set for sunday. >> that's the million-dollar question. >>> and a bird's-eye view of the terrible impact of sandy, right here in the big apple. with over 200 varieties, keurig makes brewing a delicious cup of coffee simple. how does it brew such great coffee? well... inside the brewer are these green fields of coffee, and if you travel up this mountain, there's this huge coffee grinder. and then the coffee lands in this cup and water rushes through. actually, i just press this button. brew what you love, simply. keurig. living with moderate to semeans living with pain.is it could also mean living with joint damage. help relieve the pain and stop the damage with humira, adalimumab. for many adults with moderate to severe ra, humira is clinically proven

're operating. this is cover of "the washington post." this is new york's katrina. obviously the death toll compared to that storm nowhere near approaching it but still 20 some odd people dead in new york alone. 2 million people without power. for those of you that live around here, we hope you're safe and your homes are okay and families are okay. if you're in other parts of the country or the world trying to trade today, there are going to be business decisions, trading decisions to be made. >> we don't know how badly the insurance is going to do. it's up to you. you may think it's bad for insurance. maybe it's good. we don't have a good ballpark of how much and more importantly, so much of the damage is flooding, which historically has been one of those things where you call the insurance company and they say did you read the fine print? we don't cover flooding. the federal government has at various times extended flood insurance and helped people. particularly when anyone remembers the fiasco where the federal government says, listen rich people, you can build beautiful houses again. th

katrina was the most costly and 108 billion. new jersey officials say they are extending the deadline for the unveiling and balance and will send in assistance to the storm battered communities. obama likes to talk about killing bin laden. we will talk about the unmentionable. details about the failure to protect the nation's interest and people in the be up. next. follow the wings. lou: it is time for the top talk. we want to address the president this seems to be profoundly challenge by truth and reality. this is the president seeking your approach. listen carefully. >> we knew from the beginning the work would take more than one term. long before the financial crisis hits. >> they have been hammered under this president. the intelligence and the memory of the american people. one month after he took office please listen carefully. >> i will be held accountable. i have four years. one year from now we're starting to make progress. of this is not done in three years it is a one-term proposition. lou: he forgot he would need to terms. >> these are uncomfortable words some say he has l

have seen is a real team. >> it could be become the second most important storm. hurricane katrina was the most costly and 108 billion. new jersey officials say they are extending the deadline for the unveiling and balance and will send in assistance to the storm battered communities. obama likes to talk about killing bin laden. we will talk about the unmentionable. details about the failure to protect the nation's interest and people in the be up. next. ally bank. why they have a raise your rate cd. tonight our guest, thomas sargent. nobel laureate in economics, and one of the most cited economists in the world. professor sargent, can you tell me what cd rates will be in two years? no. if he can't, no one can. that's why ally has a raise your rate cd. ally bank. your money needs an ally. so, which supeast 4g lte service would yochoose, based on this chart ? don't rush into it, i'm not looking for the fastest answer. obviously verizon. okay, i have a different chart. going that way, does that make a difference ? look at verizon. it's so much more than the other ones. so what if we

proposed after hurricane katrina. a fomer f-c-c executive tells bloomberg news, sandy may get washington moving on this again. the new c-e-o of chicago public schools has exactly one month, by law, to announce which schools will be shut-down or consolidated. the city has 681 schools. barbara byrd-bennett says 40 percent of them are under- utilized, and 20 percent are more than half empty. she believes it's key to listen to parents during the process of choosing which schools to close or combine. the chicago teachers' union says it's skeptical, but hopeful, c- p-s will listen to the community. some parents and community leaders are upset about a plan to convert a northwest side middle school into a marine academy. alderman roberto maldonado is proposing to convert ames middle school in logan square into a marine academy for seventh through 12-graders. the proposal would make ames the first military middle school in chicago and first neighborhood school to go military. it means students would have to wear the marine uniform to go to their neighborhood school. opponents accuse maldonado of

. conversely, if there is a problem. we think about katrina and other things, this could be bad for the president. but let's say that the federal response is appropriate. well, people just expect him to do that. the real issue here is florida, virginia, new hampshire, later this week, ohio. what happens to this much-needed push for early voting by the democrats that they have stated their victory on. what happens to that. there is torrential rain lashing of them. the president can't afford to give up any day or any minute of this voting drive that is so crucial to democratic. megyn: chris, thank you so much. also in the crosshairs of the storm, we will continue to watch it there as well is here. chris mentioned hurricane sandy causing problems and virginia. i mentioned the videotape earlier. near people already said to be without power. authorities say that up to 1 million people could be in the dark when all is said and done. power outages being reported in the new york area. the city of norfork, virginia. we will show you the tracking of the storm that could damage a chunk of

, during hurricane katrina. >> i know what bad damage looks like. my katrina house, all the way up to the ceiling. >> reporter: katie and her neighbors have created a support system of sorts. >> just all closer together. >> reporter: they meet up every night and talk and eat by candlelight. >> without you, i'd be lost. >> reporter: but warm thoughts aren't enough. and many here now fear things will only get worse as the nights grow colder. talk about being stuck between a rock and a hard place. this car sandwiched between a utility pole and this is the boardwalk. some people say they've heard they're not going to get power restored for another month. we kept hearing, where is fema? where is the red cross? where are the elected officials? >> it's heartbreaking, linsey. >>> there's questions about whether the devastation from sandy could be prevented from happening again. some experts say it's possible, looking to places around the world, special sea barriers made to protect cities. john muller is in battery park where the storm surge hit new york so hard. john, good morning. >> repo

to katrina and crazy storms like that and just amazing and i mean we weren't kidding when we were saying five to seven days, may be two weeks for some people and i know everyone went to the grocery stores and grabbed whatever they could. the way i've seen it, it plays out, the first day is interesting. you don't have power. the second day you start to get a little annoyed as you have no more ice and things start to go bad, day three, four and five, people just start getting angry and it's not fun and it gets ugly in a hurry. >> let me ask you just really quickly because the storm is continuing to move and i got this update on the potential impact in the midwest. chicago lake shore flood warning, high winds in indiana, extreme high winds in northwest ohio. >> damage in cleveland yesterday. >> 23,000 without power in michigan. a village in wisconsin. evacuated at least partially due to sandy. how long are we going to continue to feel the effects of sandy. >> a little bit in those areas but not as bad as yesterday and people saying lake erie was at the highest levels of off of cleveland they've

precautions. don't bring gas barbecues inside. one of the biggest problems with katrina people cooking inside with outdoor gas barbecues. you don't want to say i don't know how i am going to cook. think before you do something. carbon monoxide ox is insidious and can get you. >> what about mold? >> as the waters start to recede we are going to see more and more mold. i want people who are asthmatics out there keep the maas metic pumps ready. stress is a big provoker of heart disease. people who are underlying heart disease have to be particularly watchful. don't go out in a flood try to stay and wait until we can make things safe. >> a lot of people are fearful a lot of elderly folks. one lady her mom is staten island flood waters all over the place. the whole island was under water. what is your recommendation for those who are in fear? >> the two big treatments for fear one is information which we are trying to give now the other is standing together a sense of community. people helping each other. that can bring out the best in people. i am hoping to see it now. we haven't had lower manhat

after hurricane katrina because so many gas stations are powerless now, they are taking their own fuel and other supplies with them up to jersey. they will work shifts of at least 12 hours. >>> four days to go until election day. there are nine swing states, but only one is the grand prize. and that is ohio. it holds the key to both -- to victory for both campaigns. and as steve handelsman reports. that's where both candidates are campaigning today. >> reporter: so close to the end, you know they're in ohio. mitt romney in aetna. >> i'm counting on you. >> president obama in hilliard taking credit for the auto bailout. >> it paid off in toledo, where chrysler's adding more than 1,000 new jobs on a second shift. not in china. right here in ohio. >> reporter: it paid off for him in in ohio polls. >> this morning we learned -- than at any time in the last eight months. >> reporter: it's the last jobless report before the vote. 7.9% unemployment. slightly worse. >> the president went to springfield, ohio. >> reporter: romney stopped in wisconsin where he's polling five points behind. >> ca

, the west coast. >> that was one of famous of our colleagues years ago, during katrina, we were talking about how many poles had been town and she looked in to the camera and said just know it stay calm, help is on the way. and we all said no one can hear you. they don't have power. it was a very heartfelt sincere help is on the way, but the people that needed it were not in front of the tv set at the time. >> you send out a reminder e-mail is down. >> and then by the time it's back up -- >> isn't it crazy that e-mail is work something. >> you're right, verizon was working. >> coming up, we'll talk to governor markell to check out the damage in delaware. well find out how his state made it through the night. up. a short word that's a tall order. up your game. up the ante. and if you stumble, you get back up. up isn't easy, and we ought to know. we're in the business of up. everyday delta flies a quarter of million people while investing billions improving everything from booking to baggage claim. we're raising the bar on flying and tomorrow we will up it yet again. governor of getting i

. and if you don't, there's a disaster. let's just look at what happened at hurricane katrina. >> yeah. >> let's look at what happened to hurricane katrina. you know what, though? again this is part of a bigger problem with mitt romney right now and republicans and democrats that are afraid to talk about how you really save this country and tackle the debt. instead, they talked about silly things like cutting fema, cutting big bird or saying we're going to take care of all of our problems by raising some taxes on rich people. instead of talking about saving this country for the next generation. >> and also not being honest about defense. >> and both sides not being honest about defense. >> okay. thank you. >> how's that? >> good. >> i don't define fema as quote big government. >> right. >> i define entitlement programs by their numbers that are going to cripple us as, quote, big government. >> "wall street journal," barack obama -- when the history of this administration is written, maybe someone will note the difference. here is that man who promised a transformative presidency, and it amount

in lives and economic damage might be less than katrina. i know our insurance analyst has talked about the size of the liability being half, which is good news. and i think there's going to be some affect on auto sales and consumer retail spending. but, again, if those stocks take a dip, that's going to be a pretty big opportunity. because we know when you have to fix a broken window you end up with more spending. overall, this could be a boost to the economy. i think it's going to be viewed as an opportunity. i think we're seeing in some of the premarket activity. >> i never know really whether to believe that or not. i see with insurance companies and i've seen the case made, the broken window case that you eventually have to fix it. net net, replacing things that may have been -- didn't need replacing and using capital to do that, i can't believe that, you know, spending $20 billion on what you didn't have to do before can be net net be good long-term. is that really true? is that the case that economists make? >> well, i think it depends on how much credit is involved. in other wor

does to the economy. >> it does have a big impact, though. because back to katrina for example. that was $75 billion of insured losses. which meant that the economic losses were over $100 billion. so usual talking a very big deal here. companies start to assess how much the business was disrupted. accessibility to their business. the ability of their employees to come to work. you don't start to see contamination issues and environmental issues until later on. but it's unfortunate to say and you asked me a very valid question, it's unfortunate to say that i think this number could be very big. >> the other question is who pays for all of this because the flooding, a lot of this will go to the national flood insurance program. but at some point, who ends up picking up the tab. >> i think mostly the insurance companies, becky. there's three sources of ways to fund catastrophes. you have the national flood insurance program as you mentioned, but that's under fema. fema stands for federal emergency management agency. and that's basically a response mechanism and i think they're doi

and looks like it will not approach the $108 billion caused by hurricane katrina. airlines are expected to lose millions be of dollars in revenue. over 15,000 flights have already been canceled with many more likely in the days ahead. all three major new york airports remain closed and there are delays at several other northeastern hubs. companies up and down the east coast experiencing a widespread loss in production as employees are forced to stay home due to transportation outages. in new york city main retail stores remained shuttered. while initial reporting regarding flooding on the floor of the new york stock exchange proved to be incorrect it and the nasdaq will remain shut for a second day. the last time this occurred was during the great blizzard of 1888. the very thin silver lining on all of this, oil prices have not spiked in the storm's wake as many feared, perhaps owing to the millions of people stuck in their homes without power. joining the panel, co-host of cnbc's "squawk box" andrew ross sorkin. >> thank you for having me. >> let's talk about the financial impact here.

everywhere he goes to talk about it, to encourage people to help. americans, greta, as we saw from katrina, the worst natural disaster in american history, brought out the largest outpouring of philanthropy and volunteerism in american history as well. the american people are incredibly generous. they carry about their fellow citizens, so romney's right to be saying let's help, let's help the red cross, the salvation army, but also we're about to elect a president for the next four years, and there are lots of places in the country where he can be campaigning and should be campaigning. i think he's right. he's not going to go out and poke at president obama just like chris christie's not. nobody else is going to. but we got a really big election next tuesday. >> greta: it's sort of interesting. most of the damage is in new jersey and maryland and all these coastal states. they're not the swing states. it seems to me that there would maybe be a political advantage to governor romney because president obama is busy with those states. he can go out to colorado and minnesota, he can go to mich

with the recovery. he said he wants to avoid the problems experienced in the hurricane katrina disaster. >>> ordered that resources be made available to states in the path of the storm as soon as they needed them. and i instructed my team not to let red tape and burr rock case get in the waive solving problems. especially when it came to making sure local utilities could restore power as quickly as possible. >> following the meeting they will fan out and visit storm-damaged areas throughout the region to see if resources are being provided. >>> it's a simple procedure, get a reverse mortgage and have to live in the home. how come the county moved a 92-year-old woman outta years ago and took a reverse mortgage out on her home? here's the latest i-team investigation. >>> my aunt loved that house, loved being home. it gave her memories of her husband. >> monte said her aunt, 92-year-old lilly, would never want to move out of her house. lilly suffers from dementia, but she and her husband planned to live out their last days here. sam died in 1995. >> my aunt would tell me that. your uncle said if anythi

in the hurricane katrina disaster. >>> ordered that resources be made available to states in the path of the storm as soon as they needed them. and i instructed my team not to let red tape and burr rock case k -- bureaucracy get in the waive solving problems. especially when it came to making sure local utilities could restore power as quickly as possible. >> following the meeting they will fan out and visit storm-damaged areas throughout the region to see if resources are being provided. >> san francisco is breaking ground today on a new north beach library. the city librarian and others will be on hand for the 11:00 ceremony at columbus and lombard. north beach residents will celebrate the new library project with performers and other musical entertainment. construction of the new branch library in north beach is funded by a $106 million voter-approved bond measure. furniture and equipment will come from the fundraising efforts by friends of the san francisco public library. >>> new this morning the san mateo city council will consider three options for regulating noisy leaf blowers on monday. i

was badly damaged during hurricane katrina. >> romney supporters said they felt a possibility to do what they can to help. >> the right thing to do. >> he is very much on the gop's path to victory. >> surprising people up and down the coast. we eyre going one area inundated by water, leaving hundreds and hundreds of people calling for help. 5 iconic design. exhilarating performance. [ race announcer ] audi once again has created le mans history! [ male announcer ] and once in a great while... all of the above. take your seat in the incomparable audi a8. the highest-ranked vehicle appeal among large premium cars by j.d. power and associates. ♪ i have a cold, and i took nyquil, but i'm still stubbed up. [ male announcer ] truth is, nyquil doesn't unstuff your nose. what? [ male announcer ] it doesn't have a decongestant. no way. [ male announcer ] sorry. alka-seltzer plus fights your worst cold symptoms plus has a fast-acting decongestant to relieve your stuffy nose. thanks. [ male announcer ] you're welcome. that's the cold truth! [ male announcer ] alka-seltzer plus. ♪ oh what a reli

it the second most expensive storm in u.s. history, after hurricane katrina. >> nearly half of new york city's death from superstorm sandy happened on staten island. homeland secretary janet napolitano is going there today, where people say they're suffering and not getting enough help. anna werner, good morning. >> reporter: good morning. as you stand on this street in staten island you can clearly see the path of destruction wrought by hurricane sandy. cars picked up and tossed like toys. that continues throughout the neighborho neighborhood. many residents say they feel ignored. some residents of staten island have started calling it the forgotten burrough. across storm-ravaged staten island, frustrations are mounting. >> we're going to die! we're going to freeze! we've got 90-year-old people. >> reporter: residents are outraged, claiming their community has been ignored in the days following sandy while aid pours in to other parts of new york and new jersey. >> they don't talk about them that much. a lot of people here are hurting much it's upsetting. >> reporter: power is out. hundreds

the army corps of engineers to help. the same group brought into new orleans after hurricane katrina. >> we expect it to be a challenging engineering problem and getting all that storm surge back out and up and running again will take some time and engineering talent and a lot of will power. >> reporter: also need electric power, something 323,000 customers in new york city are still without. workers are pumping around the clock to remove sea water from underground equipment. but dark sky lines and dangerous intersections will be the new normal in lower manhattan and some parts of the outer boroughs for a while longer. utility companies say it might be a week before power is fully restored. city buses will resume full service today and to help new york city get moving again those buses will be operating free of charge. jfk airport resumes limited service today but as far as laguardia goes no word on when laguardia airport might open. >> thank you. much more than water damage in new york city. there was a devastating fire on the rockaway peninsula where much of the neighborhood burned down e

and pushing the wawater up into areas where it can't get out. we saw this with katrina. if the w water comes up as expected, we would be under water, our crew would be under water, the battery park area will be under water. >> donald trump phoning in to me he's staying put in the big apple. >> what -- where are you right now? >>>> i'm in trump tower in my office. >> shouldn't yoube gettiting out of there? >> only because i love new york. we are fully prepared. we know exactly what to do and how to do it. >> you're staying? >> i live or die with it. i built many great ghlings new york and i feel confidence in those buildings because i built them. >> sandy truly a history maker. the stock market's first weather-related shutdown in 27 years. ubway service canceled, grand central station transformed into a ghost town. knbc's chris coleman with mario at the grove. >> what makes this ststorm so dadangerous? >> it's storm within a storm. it's a hurricane, a tropical system inside a nor'easter. >> have you ever seen anything like that before? >> nobody has. whenou have seven to 11 feet of water wher

to the economy. that makes it the second most expensive storm in history after hurricane katrina. >> nearly half of new york city's deaths happened on staten island. secretary of state janet napolitano will be there today. anna werner is there. >> reporter: good morning. homes are destroyed. the storm threw cars like toys. that's what it looks like all down this street yet many residents say they believe they've been ignored. some residents of staten island have started calling it the forgotten borough. across storm-ravaged staten island, frustrations are mounting. >> we could have died! we couldn't breathe! we've got 90-year-old people. >> reporter: residents are outraged, claiming their community has been ignored in the days following sandy while aid pours into other parts of new york and new jersey. >> a lot of people are here. a lot of people are hurting. so, it's upsetting. >> reporter: power is out. hundreds of homes have been destroyed and dozens of streets are impassable. still, the city is planning to go ahead with its annual marathon, which kicks off on staten island's verrazano bridge

about hurricane relief. he was talking a moment ago what happened during hurricane katrina and some folks being moved from there from louisiana to massachusetts. let's listen to the governor. >> randy owen from alabama to be here. [applause] he's an extraordinary guy. he will probably tell you the story about storms, tornado actually that hit his county in alabama and described why it is that he is here. we appreciate the fact that he is agreed to come entertain and bring people in who have in turn brought in goods as their cover charge if you will to be here this morning. thank you for your help and your generosity. by the way if you have a little extra, if you have more canned goods, bring them along to our victory centers that are open. but also if you can write a check to american red cross, that is welcome as well. we're looking for all the help we can get for all the families in need. thank you for your generosity. thank you for your support. i will go to work here at the table. get things sorted and boxed up and loaded in the trucks. and for the rest of you, enjoy the concert

for showing up in such large numbers to help out. i remember in my state of massachusetts when katrina hit, some of the people were evacuated from new orleans were brought to massachusetts. we gathered them at a military base on cape cod. they thought they were going to houston, by the way. the plane said that they were going to boston and they were not very happy. we told our citizens that we have people coming here that have been affected by the hurricane if you would like to help by providing supplies and goods that they might need. you know what? there were cars lined up, people dropping off all sorts of goods, some things that were temporary like food. others that were permanent like tv sets, clothes, and it was amazing to see the turn out. it is part of the american way. we have people having hard times because of this terrible hurricane. your generosity will make a difference. i want to thank you. we have work to do. to make this an enjoyable work setting, we have asked a great entertainer, randy owen of alabama to be here. [applause] extraordinary guy. he will probably tell you thi

been through with katrina and rita down on the gulf, you have to know that government has a purpose. i have always said that. it can be constructive. it's an umbrella on a rainy day to take the story at hand with sandy's enormous storm. but governor romney does not want to support government in the way that helps people. and that means eliminating medicare. it means not caring about seniors, not providing for pell grants. you can't flip-flop in the last hours to suggest you would embrace government. we all want government to be efficient, and president obama has been a leader. he has the smallest federal government we have had in decades under president obama. smallest number of employees, but it has been efficient enough to be effective on the east coast, rising to the occasion, to the extent that republican governors have given the president and his team compliments in their responsiveness and the mayor of new york has endorsed him. it's not about that. it's about the president wanting to support a constructive government and governor romney who is trying to be president, running aga

of liberalism. built on the bones two of disasters wars, the incompetent of the reaction to katrina and a ruin in the economy. four years later, what the hell happened? that's my first question. [laughter] >> that's hey, that's what "pity the billionaire: the hard-times swindle and the unlikely comeback of the right is about. and if you all want to you're going have to read the whole thing. that is in very brief form what the book is about. we came to it four years ago we came to a turning point in the country, we didn't turn. you know, -- [laughter] and before i start blabbing about that. let me say how nice it is to be here in austin, texas thank you for inviting me. it i love a book festival where you can buy a corn dog. [laughter] [applause] that's awesome. okay. but back to the sort of story of our times. to pick up on what president obama was say -- paul was saying in 2008 i live in washington, d.c., now. every pundit in the city was saying conservativism is done. it's days over. we followed the economic recipe. look what happened. not to mention all the substantials, tom delay, the katr

kinds of restaurant colleague friends who suffered a lot worse than this so far anyway during katrina, and we keep that first and foremost in our minds. >> danny, we always think of you as a new york city guy but you have operations in philly and boston. has the damage there been much different than right along the new jersey/new york coastline? >> well, so far we have none in boston, just to be clear, but we do have two in miami and this was a rare hurricane storm that seemed to avoid miami. so those guys are good. washington, d.c., we're going to check in with them. as i said, i've been hampered myself just because we have no internet and i was able to find a land line to call in to you guys, but we realize we're in a day and age where cell phones -- we have no cell certificaservicn for some reason either. so we're trying to learn. we think that washington is okay. we think that philadelphia is okay. and then up in connecticut we're trying to find out if our west port and new haven shake shacks have electricity. sometimes that coastline gets hit hardest in terms of electricity. as s

happened ever since 2005. of course, katrina being the top of that list. the storm right now located over buffalo. it's going to be a slow exit over the next two days. it's still remaining with clouds and raw, cool temperatures. but the devastating weather is by far over with. just some showers out there today. the rest of the halloween forecast, by the way, for the country looks just fine. the exception being out there in the northwest. of course, we'll have more about sandy and its effects on the election coming up next, harold ford jr. stay with us here on "morning joe." where others fail, droid powers through. introducing the new droid razr maxx hd by motorola. now more than ever droid does. very sore looking kinda blistery. it was like a red rash... like somebody had set a bag of hot charcoal on my neck. i was a firefighter for 24 years. but, i have never encountered such a burning sensation until i had the shingles. i remember it well. i was in the back yard doing yard work. i had this irritation going on in my lower neck. i changed shirts because i thought there was something in th

. that is like talking about the levees in new orleans today without ever mentioning hurricane katrina. no one would do it. it is nonsensical. there is usually so little context provided about dodd frank did you would think it was the product of immaculate conception. there was no and to set -- antecedent of that. what was the date he started with? 2010. nothing happened before that. inexplicable. of course the dodd frank act was passed because of the two dozen 8-2009 financial crisis which was the worst financial crisis since 1929 and delivered the worst economy since the great depression. how come it is so rarely mentioned? because the financial industry, its lobbyists, allies, has been wildly successful in changing the subject and the debate from the financial crisis, wall street's role in in the cost to the country to the financial reform law regulations implementing it in the cost to them. the industry. it is truly remarkable how much time is spent talking about the self-serving claims of cost to the industry to put financial reform in place. to prevent that industry from crashing the fin

talking about the levees in new orleans today without every mentioning hurricane katrina. no one would do it. it is nonsensical. in fact there is usually so little context provided about dodd-frank that you would think that it was the product of a immaculate conception. there was no antecedent event that is amazing. that's why when opponents talk about growth rates, what was the date he started with? 2010. nothing happened before that. it is inexplicable, right? so of course, while not often mentioned the dodd-frank act was passed because of the 2008-2009 financial crisis which was the worst financial crisis since the great crash of 1929 and it delivered is the worst economy since the great depression of the '30s. how come it is so rarely mentioned? because the financial industry, its lawyers, lobbyists, allies and the broader influence industry that it has purchased has been wildly successful in changing the subject and the debate from the financial crisis, wall street's role in it, and the cost to the country. two, drum roll, the financial reform law, regulations implementing it and the

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